OPEC

Source: Reuters

OPEC “cautiously optimistic” oil market will recover in 2021

Reuters


LONDON – OPEC’s secretary general said on Tuesday he was cautiously optimistic the oil market would recover this year from the slump in demand brought about by the coronavirus pandemic.

Monthly meetings of the Organization of the Petroleum Exporting …

Source: Reuters

Saudi voluntary oil cut to help with low demand in first quarter, OPEC chief says

Reuters


LONDON – Saudi Arabia’s voluntary oil production cut is set to help the oil market navigate through seasonally low oil demand during the first quarter, OPEC’s secretary general told an industry event on Wednesday.

Saudi Arabia, the defacto leader …

Source: Reuters

OPEC+ oil output cuts compliance falls to 75% in Dec -Petro-Logistics

Reuters


LONDON – OPEC+ compliance with pledged oil output curbs fell to 75% in December, among the lowest levels since the supply pact started in May 2020, tanker tracker Petro-Logistics said on Tuesday.

This is a lower estimate of compliance …

Source: Reuters

Oil hits 11-month high towards $57 as Saudi cut supports

Reuters


LONDON – Oil hit an 11-month high towards $57 a barrel on Tuesday as tighter supply and expectations of a drop in U.S. inventories offset concerns over climbing coronavirus cases globally.

Saudi Arabia plans to cut output by an …

Source: Reuters

OPEC crude output cuts should help U.S. shale profits in 2021

Reuters


HOUSTON – A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may …

Source: Reuters

Oil hits 11-month highs on Saudi cuts, shrugs off U.S. turmoil

Reuters


NEW YORK  -Oil prices settled higher on Thursday, hitting 11-month peaks, as markets remained focused on Saudi Arabia’s unexpected pledge to deepen its oil cuts and firmer equities, shrugging off political turmoil in the United States.

Brent crude settled …

January 8, 2021 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil extends gains after surprise Saudi output cut

Reuters


LONDON -Oil prices extended gains on Wednesday, rising to their highest since late February, after Saudi Arabia announced a big voluntary production cut, and as an industry report showed U.S. inventories fell last week.

Brent crude was up 31

January 6, 2021 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil jumps 5%, breaks above $50 for the first time since February as Saudi Arabia announces voluntary cuts

CNBC


U.S. benchmark West Texas Intermediate crude futures broke above $50 on Tuesday for the first time since February, boosted by a surprise announcement by Saudi Arabia of a 1 million barrel per day production cut beginning in February and …

January 5, 2021 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC+ producers split over oil output increase -sources

Reuters


LONDON/DUBAI/MOSCOW -OPEC+ oil producers were split on Monday over increasing output from February as some feared a hit from new coronavirus lockdowns while Russia and Kazakhstan said demand recovery justified higher production, five OPEC+ sources said.

OPEC+, which groups …

January 4, 2021 - 1:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Novak says Russia backs OPEC+ 500,000 bpd oil output hike from February

Reuters


MOSCOW – Russia expects to support an increase in oil production by the group, known as OPEC+, of another 500,000 barrels per day (bpd) from February at next month’s summit of the leading global oil producers, Russian Deputy Prime …

December 28, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil’s rally, fueled by vaccine progress, is running out of steam

Reuters


NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is …

Source: Reuters

Oil drops as new coronavirus strain revives demand fears

Reuters


LONDON -Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in Britain revived concerns over demand recovery.

Detection of the new variant prompted several countries to …

Source: Reuters

Russia to U.S. President-elect: don’t upset the oil market

Reuters


MOSCOW – Russia hopes the incoming administration of U.S. President-elect Joe Biden will not derail producer nations’ action to boost oil markets, Russia’s Deputy Prime Minister Alexander Novak said on Monday.

Russia, other leading oil producers and the Organization …

December 21, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC cuts 2021 oil demand outlook again as pandemic impact lingers

Reuters


LONDON – Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.…

December 14, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Column: OPEC+ to boost output as oil market tightens – John Kemp

Reuters


LONDON – OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter.

The increase is much smaller than …

Source: Reuters

Oil moves up towards $50/barrel after OPEC+ supply compromise

Reuters


LONDON  – Brent crude oil futures rose to just under $50 a barrel on Friday as major producers agreed on a compromise to increase output slightly from January but continue the bulk of existing supply curbs to cope with …

December 4, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil prices rise as market awaits output deal

Reuters


LONDON – Oil prices rose on Wednesday as the market awaited a pact from producers on output, which many traders expect will continue to be reined in, and Britain’s approval of a COVID-19 vaccine gave hopes for a demand …

December 2, 2020 - 9:35 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Algerian Energy Minister Says OPEC Reaches Consensus To Extend Oil Production Cuts by Three Months

Image: Algerian Energy Minister Abdelmadjid Attar, current rotating OPEC president….

November 30, 2020 - 2:07 pm International, OPEC, Press Releases
Source: Reuters

OPEC reaches consensus to extend oil cuts by three months, Algeria says

Reuters


DUBAI/LONDON/MOSCOW  – OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, …

November 30, 2020 - 12:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows

Reuters


LONDON – OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.

The 13-member Organization of the …

November 30, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil prices fall as OPEC+ members debate 2021 output policy

Reuters


LONDON  – Oil prices fell on Monday on uncertainty about whether OPEC+ would agree to extend their large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise by more than a …

November 30, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
OPEC+ Calls Last Minute Talks

OPEC+ Calls Last Minute Talks

Bloomberg

Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.

A clear majority of OPEC+ watchers expect …

November 27, 2020 - 5:51 am Crude Oil News, International, OPEC
OPEC+ to meet for talks on continuing oil cuts, but members are growing restless – and the rest of the world is in suspense

OPEC+ to meet for talks on continuing oil cuts, but members are growing restless – and the rest of the world is in suspense

S&P Global

 What seemed to be shaping up as a smooth OPEC+ meeting, with traders largely expecting a rollover of production quotas, has hit some turbulence with an airing of grievances.

The UAE may be considering splitting from the group, …

November 26, 2020 - 7:26 am Crude Oil News, International, OPEC
Source: CNBC

Oil rises on hopes for delay to OPEC+ supply increase

CNBC


Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a bigger than expected build in U.S. crude inventories.

Brent crude futures rose 50 cents, …

November 18, 2020 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Exclusive: OPEC+ sees oil cut extension curbing 2021 rise in oil stocks, document shows

Reuters


DUBAI/LONDON/MOSCOW – OPEC and its allies see oil inventories declining further in 2021 should producers extend supply curbs for three months or more, a confidential document seen by Reuters shows, supporting the case for a tighter policy on crude …

Source: Reuters

Saudi calls on OPEC+ to be flexible as it weighs oil cut extension

Reuters


DUBAI/MOSCOW/LONDON – Saudi Arabia called on fellow OPEC+ members on Tuesday to be flexible in responding to oil market needs as it builds the case for a tighter oil production policy in 2021 to tackle weaker demand amid a …

Source: Reuters

OPEC+ weighs oil cuts extension, sees weaker compliance

Reuters


DUBAI/LONDON – OPEC and allies including Russia are leaning towards postponement of a planned January increase to oil output by at least three months to support prices as the COVID-19 pandemic continues its second wave, sources told Reuters on …

Source: Reuters

Oil jumps 4% on latest COVID-19 vaccine progress

Reuters


LONDON – Oil prices jumped more than 4% on Monday, recouping the previous session’s losses after Moderna Inc MRNA.O said its experimental vaccine was 94.5% effective in preventing COVID-19.

Brent crude futures for January were up $1.79, or 4.2%, …

Aramco relies on new bonds to meet dividend obligations to stakeholders and social programs

Aramco relies on new bonds to meet dividend obligations to stakeholders and social programs

Bloomberg

Oil & Gas 360 Publishers Note: The 360 team covered this on the Energy News Beat last week. Important story for the country of Saudi Arabia, as Saudi Aramco has one of the lowest cost to produce oil costs

Source:Rreuters

OPEC says oil demand in 2020 down by almost 10M barrels per day

Nov. 11 (UPI) — OPEC on Wednesday revised down its global oil forecast for 2020, sayin…

November 11, 2020 - 11:55 am OPEC, Press Releases